UNIVERSAL INSURANCE HOLDINGS, INC. UVE Income Statement

Universal insurance holdings, inc. (UVE)

Income statement / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
PREMIUMS EARNED AND OTHER REVENUES
Direct premiums written
1,338,040	1,292,721	1,259,000	1,225,304	1,210,125	1,190,875	1,161,477	1,127,045	1,080,455	1,055,886	1,029,185	996,329	972,059	954,617	941,043	921,727	899,777	883,409	866,364	839,227	809,265	789,577	781,091	771,735	771,672	783,894	784,735	791,642	794,264	780,128	768,995	747,379	738,290	721,462	710,686	747,336	0	0	0
Change in unearned premium
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Ceded premiums written
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	423,565	445,034	502,448	522,116	519,136	526,951	495,487	517,604	517,949	509,157	552,522	512,979	502,212	499,532	0	0	0
Net premiums written
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	357,526	326,701	269,224	261,778	265,599	264,691	298,777	262,524	251,046	238,222	185,768	208,483	208,474	247,804	0	0	0
Change in unearned premium
-	-	-50,502	-41,467	-	-	-73,394	-72,557	-55,371	-	-54,722	-42,175	-35,709	-33,390	41,839	41,458	-42,590	-46,617	-85,647	-75,533	-16,547	-12,260	-59,617	-54,153	-3,171	5,877	-9,484	0	0	-	0	-	-	-	-	-	-	-	-
Direct premium earned
1,263,695	1,233,121	1,208,498	1,183,837	1,154,756	1,121,640	1,088,083	1,054,488	1,025,084	999,198	974,463	954,154	936,350	921,227	897,374	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Ceded premium earned
410,091	390,619	377,220	370,220	359,224	353,258	340,588	321,414	315,273	310,405	305,405	300,079	294,823	288,811	282,778	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in net unearned premium
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-12,481	-60,085	0	0	0
Premiums earned, net
853,604	842,502	831,278	813,617	795,532	768,382	747,495	733,074	709,811	688,793	669,058	654,075	641,527	632,416	619,041	605,660	562,087	503,999	448,821	396,956	357,430	326,877	297,909	272,548	266,053	267,655	268,477	259,062	247,889	231,120	215,669	205,791	199,621	198,985	195,993	187,719	0	0	0
Net investment income
29,435	30,743	30,768	29,797	28,173	24,816	21,661	18,104	15,541	13,460	12,501	11,720	10,639	9,540	7,830	6,833	5,898	5,155	4,177	3,514	2,719	2,375	2,971	2,709	2,434	1,928	809	642	489	441	593	500	495	788	424	420	0	0	0
Net realized gains (losses) on investments
-891	-12,715	-13,148	-12,723	-10,973	-2,089	-1,973	-1,573	-8	2,570	3,400	2,698	1,564	2,294	2,112	2,022	1,556	1,060	566	1,056	4,896	5,627	6,595	6,150	2,199	-14,740	-15,629	-18,827	-20,531	-11,943	-22,442	-13,416	-8,751	2,350	18,645	17,218	0	0	0
Net change in unrealized gains (losses) of equity securities
-2,868	23,188	14,298	11,252	5,972	-17,169	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net change in unrealized gains (losses) on investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,850	5,865	13,941	8,130	9,443	16,117	-7,959	-11,811	-18,410	-16,756	0	0	0	-
Net foreign currency gains (losses) on investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	22	1,939	1,484	1,484	1,532	-392	188	0	0	0
Commission revenue
27,611	26,101	24,733	23,011	22,672	22,438	23,345	22,991	21,926	21,253	19,353	18,652	18,218	17,733	17,039	16,551	15,815	14,870	14,080	13,088	13,284	14,205	15,060	16,117	17,718	18,615	19,326	19,968	20,828	20,383	20,688	21,058	19,868	19,507	18,736	17,788	0	0	0
Policy fees
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Policy fees
-	-	21,119	20,754	-	20,275	19,987	19,644	19,130	18,838	18,381	17,746	17,249	16,880	16,529	16,123	15,722	15,440	15,159	14,755	14,302	13,982	13,751	13,566	13,486	13,661	13,778	14,008	14,261	14,475	14,622	14,696	15,026	15,298	15,635	16,640	0	0	0
Other revenue
9,070	7,972	7,274	7,128	7,005	7,163	7,343	7,233	7,251	7,002	6,516	6,511	6,520	6,426	6,233	6,202	6,102	6,020	6,123	6,014	6,150	6,210	6,150	6,199	6,143	6,190	6,181	6,182	6,082	5,998	5,969	5,877	5,843	5,811	5,868	5,398	0	0	0
Total premiums earned and other revenues
938,040	939,351	916,322	892,836	868,902	823,816	808,755	792,843	768,542	751,916	729,209	711,402	695,717	685,289	668,784	653,391	607,180	546,544	488,926	435,383	398,781	369,276	342,374	317,242	308,009	301,159	298,806	294,975	277,147	269,939	253,155	228,031	221,775	225,861	238,153	244,600	0	0	0
OPERATING COSTS AND EXPENSES
Losses and loss adjustment expenses
625,360	603,406	521,701	475,077	451,623	414,455	335,014	365,442	355,784	350,428	368,610	325,783	305,682	301,229	260,339	240,645	220,266	187,739	161,738	142,065	130,040	123,275	117,283	111,437	108,957	108,615	114,292	122,258	126,496	126,187	134,841	127,883	124,298	124,309	110,750	106,242	0	0	0
General and administrative expenses
275,323	272,428	273,292	273,159	262,361	256,488	251,036	239,264	237,946	231,004	225,979	223,435	220,880	221,177	220,409	220,973	208,815	183,782	163,119	139,997	126,231	118,397	108,420	101,173	95,141	91,988	100,587	99,929	94,559	91,193	78,841	73,406	70,606	67,834	68,651	63,213	0	0	0
Total operating costs and expenses
900,683	875,834	794,993	748,236	713,984	670,943	586,050	604,706	593,730	581,432	594,589	549,218	526,562	522,406	480,748	461,618	429,081	371,521	324,857	282,062	256,271	241,672	225,703	212,610	204,098	200,603	214,879	222,187	221,055	217,380	213,682	201,289	194,904	192,143	179,401	169,455	0	0	0
INCOME BEFORE INCOME TAXES
37,357	63,517	121,329	144,600	154,918	152,873	222,705	188,137	174,812	170,484	134,620	162,184	169,155	162,883	188,036	191,773	178,099	175,023	164,069	153,321	142,510	127,604	116,671	104,632	103,911	100,556	83,927	72,788	56,092	52,559	39,473	26,742	26,871	33,718	58,752	75,145	0	0	0
Income taxes, current
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	33,390	24,872	21,607	18,434	7,946	14,653	15,189	23,152	33,049	33,890	0	0	0
Income taxes, deferred
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,736	6,266	2,087	3,813	7,934	-4,223	-4,402	-9,543	-9,796	-4,036	0	0	0
Income tax expense
10,903	17,003	30,222	36,222	37,822	35,822	62,795	55,630	58,977	63,549	50,426	61,072	63,772	63,473	73,129	73,450	68,719	68,539	65,765	63,974	60,741	54,616	49,073	43,968	43,344	41,579	36,126	31,138	23,694	22,247	15,880	10,430	10,787	13,609	23,253	29,854	0	0	0
NET INCOME
26,433	46,514	91,119	108,353	117,144	117,051	159,915	132,499	115,791	106,935	84,194	101,112	105,383	99,410	114,907	118,323	109,380	106,484	98,304	89,347	81,769	72,988	67,598	60,664	60,567	58,977	47,801	41,650	32,398	30,312	23,593	16,312	16,084	20,109	35,499	45,291	0	0	0
Basic earnings per common share (in dollars per share)
0.62	-1.48	0.60	1.09	1.16	-0.18	1.07	1.32	1.15	1.05	0.29	0.84	0.89	0.39	0.77	0.96	0.73	0.83	0.87	0.71	0.65	0.62	0.64	0.50	0.41	0.44	0.43	0.47	0.30	0.11	0.21	0.20	0.24	-0.05	0.02	0.19	0.35	0.33	0.27
Weighted average common shares outstanding - Basic (in shares)
32,591	32,871	33,649	34,311	34,741	34,815	34,861	34,909	34,839	34,579	34,686	34,959	35,140	35,045	35,042	35,062	34,527	34,688	34,911	35,019	34,578	33,454	33,432	33,968	33,422	33,511	33,658	36,378	39,917	39,721	39,679	39,668	39,388	38,971	39,190	39,187	39,388	39,167	39,167
Diluted earnings per common share (in dollars per share)
0.61	-1.45	0.59	1.08	1.14	-0.18	1.04	1.29	1.12	1.03	0.28	0.82	0.86	0.39	0.75	0.94	0.71	0.82	0.84	0.69	0.62	0.60	0.61	0.49	0.38	0.43	0.40	0.44	0.29	0.12	0.20	0.19	0.24	-0.05	0.02	0.19	0.34	0.32	0.27
Weighted average common shares outstanding - Diluted (in shares)
32,731	33,184	33,930	34,612	35,206	35,976	35,919	35,589	35,660	35,483	35,615	35,958	36,180	35,634	35,723	35,649	35,594	35,454	35,999	36,002	36,081	34,973	34,812	35,174	35,641	35,980	35,611	38,314	41,199	41,093	40,450	40,377	40,544	39,955	40,330	40,645	40,838	40,276	40,446
Cash dividend declared per common share (in dollars per share)
0.16	0.29	0.16	0.16	0.16	0.29	0.16	0.14	0.14	0.27	0.14	0.14	0.14	0.27	0.14	0.14	0.14	0.27	0.12	0.12	0.12	0.25	0.10	0.10	0.10	0.23	0.10	0.08	0.08	0.20	0.08	0.08	0.10	0.14	0.08	0.00	0.10	-	0.10
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income
26,433	46,514	91,119	108,353	117,144	117,051	159,915	132,499	115,791	106,935	97,421	121,104	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	23,593	16,312	16,084	20,109	35,499	45,291	0	0	0
Change in net unrealized gains (losses) on available for sale investments, net of tax
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	0	0
Comprehensive income (loss)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	0	0